Anyone have any investor friendly portfolio lenders in the Grand Rapids area?
Or any investor friendly local banks you like to work with?
It looks like your not from the area, but if you are in GR go to some of the small local banks or credit unions. They are more likely to hold the mortgages and bend on some of the requirements. It helps if your local and bank with them, but you will meet with a person that evaluates the loan, and it doesn't have to fit all the criteria for the larger corporations. There are company's out there that do just portfolio lending but at best your going to pay 8%. Good luck
Here is my suggestion for a banker: Steve Sanchez. I do not have a portfolio lender off hand but I have connected with a few. I will keep my eyes open.
@Justin Workman Thanks! I'm not local but I'm in the process of building my presentation for banks and then will be reaching out. I mainly want to know of refi options after a potential purchase.
@Tim VandenToorn Thanks again Tim. Good talking with you yesterday and I look forward to talking more soon.
On the icba.org site it allows you to do a search for community banks nationwide.
Cool! I did not know that. Thanks @Tram Ambers ! I'll check it out.
Not really Grand Rapids, but I am in the Detroit Metro and have been working with Monroe Bank and Trust. Have had a great experience. We have 4 properties we own free and clear and we are looking to pull some equity out for investing purposes. We were able to pull out 60% and are getting a pretty solid rate. By far the best and easiest I have found.
Justin, talk to Mercantile or United Bank
Lake Michigan Credit Union is a Portfolio Lender.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing